# Approval of Resolution Plan- GRJ Distributors & Developers Private Limited

> NCLT judgment dated 2024-10-01. Citation: TCN-2024-NCLT-00512. The application was filed by Mr. Sanjeet Kumar Sharma, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 1 Oct 2024
- **Citation:** TCN-2024-NCLT-00512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-grj-distributors-developers-private-limited-d48c822d

## Summary

### Background

The application was filed by Mr. Sanjeet Kumar Sharma, the Resolution Professional (RP) of Avalon Rosewood Project- A Unit of M/s. GRJ Distributors and Developers Private Limited, the Corporate Debtor, under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the IBBI (CIRP Regulations), 2016, for approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA), Mr. Vivek Gupta. The CIRP was initiated following an application under Section 7 of the IBC by the Financial Creditor, Mr. Umesh Chander & Ors., against the Corporate Debtor. The CIRP was limited to the Avalon Rosewood Project. Initially, Mr. Piyush Garg was appointed as the Interim Resolution Professional, later replaced by Mr.

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## Facts

Mr. Umesh Chander & Ors., the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. GRJ Distributors and Developers Private Limited, the Corporate Debtor, specifically concerning the Avalon Rosewood Project. The Corporate Debtor was incorporated on 23.11.1998. The CIRP was initiated on 16.02.2023. Mr. Piyush Garg was initially appointed as the Interim Resolution Professional, later replaced by Mr. Sanjeet Kumar Sharma. The applicant published Form G on 19.07.2023, receiving two EOIs from Amrapali Fincap Ltd. and Puma Realtors Private Limited. Amrapali Fincap Ltd. submitted a resolution plan, which was rejected by the CoC. The CIRP period was extended by 90 days. A fresh Form G was published on 14.05.2024,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Vivek Gupta meets the requirements of being viable and …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is given paramount status, and

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**Reasoning:** The Adjudicating Authority relied on the Hon'ble Supreme Court's decision in “Vallal RCK

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**Interpretation:** The commercial wisdom of the CoC is paramount, and the Adjudicating Authority

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirement

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Umesh Ch…
- **Respondents:** GRJ Distributors…; M/s. GRJ DISTRIBUT…
- **Advocates:** Sunil Fer…; Milan Sing…; +3 more

## Timeline

- **2023-02-16 — CIRP Init…**: The Corporate Insolvency…
- **2023-03-23 — Appointment…**: Mr. Sanjeet Kumar Sharma was appointed as Interim Resolution Professional in place of Mr.…

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